Mackovak Benjamin's Form 4 filing

United Security Bancshares (UBFO) · filed Jun 5, 2023

Accession no.: 0001137547-23-000052
Filed: Jun 5, 2023
Trade date: Jun 1, 2023
Filing delay: 4 days
Rule 10b5-1 plan: Not checked

Original on SEC EDGAR (opens in a new tab)

This filing lists 2 non-derivative transactions and 2 derivative transactions. Open-market sales total $6.53M. It was filed 4 days after the trade.

Reporting owners

A Form 4 can have several reporting owners, such as a person and a fund they control. Trade tables show the first one.

Reporting owners on this filing
Owner	Relationship to the company
Mackovak BenjaminCIK 0001697577	Director

Non-derivative securities (Table I)

Acquisitions and disposals of common stock and similar shares, one row per line on the filing.

Non-derivative transactions
Trade date	Security	Transaction	Shares	Price	Value	Shares after	Ownership	Flags
Jun 1, 2023	Common Stock	MOption exerciseAcquired	+569	–^F1	–	6,814	Direct
Jun 1, 2023	Common Stock	SSaleDisposed	−932,491	$7.00^F2	−$6,527,437	0	Indirect

Derivative securities (Table II)

Options, warrants, restricted stock units and similar. Shares are the underlying shares; price and value are for the derivative itself, and the holding after is in derivative units.

Derivative transactions
Trade date	Security	Transaction	Underlying shares	Unit price	Value	Held after	Ownership	Flags
Jun 1, 2023	Common Stock	AGrant or awardAcquired	+569	–^F3	–	15,569	Direct
Jun 1, 2023	Common Stock	MOption exerciseDisposed	−569	–^F3	–	15,000	Direct

Footnotes and remarks

Livermore keeps the footnotes that transaction prices refer to, all footnotes of amendments (Form 4/A) and the filing's remarks. Other footnotes, such as how indirect holdings are held or the details of a trading plan, are only in the original on SEC EDGAR.

Represents common stock issued pursuant to the vesting and settlement of 100% of the restricted stock units that were granted on June 1, 2023.

Referenced by the price of 1 transaction in Table I.

Shares owned directly by Strategic Value Investors LP. Mr. Mackovak, solely by virtue of his position as a managing member of Strategic Value Bank Partners LLC, which serves as the general partner of Strategic Value Investors LP, may be deemed to beneficially own the shares owned directly by Strategic Value Investors LP for purposes of Section 16. Mr. Mackovak expressly disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein, if any, and the filing of this report is not an admission that the Mr. Mackovak was the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Referenced by the price of 1 transaction in Table I.

Represents a grant of restricted stock units on June 1, 2023, in consideration for service as a member of the Company's Board of Directors. 100% of the restricted stock units were vested on the grant date.

Referenced by the price of 2 transactions in Table II.

Read the full filing on SEC EDGAR (opens in a new tab)